Illinois § 25

§ 25.

Lost policy finder. (a) The Department shall develop and implement a lost policy finder to assist requesters with locating unclaimed life insurance benefits. The lost policy finder shall be available online and via other means. The Department shall assist a requester with using the lost policy finder, including informing the requester of the information that an insurer may need to facilitate responding to the request. (b) As soon as practicable, but no later than 30 days after receiving a request from a requester via the lost policy finder, the Department shall: (1) forward the request to all insurers deemed necessary by the Department in order to successfully respond to the request; and (2) inform the requester that the Department received the request and forwarded the request to all insurers deemed necessary by the Department in order to successfully respond to the request. (c) Upon receiving a request forwarded by the Department through a lost policy finder, an insurer shall search for policies and any accounts subject to this Act that insure the life of or are owned by an individual named as the decedent in the request forwarded by the Department. (d) Within 30 days after receiving the request referenced in subsection (b) of this Section, or within 45 days after receiving the request where the insurer contracts with another entity to maintain the insurer's records, the insurer shall: (1) report to the Department through the lost policy finder the findings of the search conducted pursuant to subsection (c) of this Section; (2) for each identified policy and account insuring the life of, or owned by, the individual named as the decedent in the request, provide to a requester who is: (A) also the beneficiary of record on the identified policy or account, the information necessary to make a claim pursuant to the terms of the policy or account; and (B) not the beneficiary of record on the identified policy or account, the requested information to the extent permissible to be disclosed in accordance with any applicable law, rule, or regulation and take such other steps necessary to facilitate the payment of any benefit that may be due under the identified policy or account. (e) The Department shall, within 30 days after receiving from all insurers the information required in item (1) of subsection (d) of this Section, inform the requester of the results of the search. (f) When a beneficiary identified in subsection (d) of this Section submits a claim or claims to an insurer, the insurer shall process such claim or claims and make prompt payments and distributions in accordance with all applicable laws, rules, and regulations. (g) Within 30 days after the final disposition of the request, an insurer shall report to the Department through the lost policy finder any benefits paid and any other information requested by the Department. (Source: P.A. 99-893, eff. 1-1-17.)